Editorials
October 09, 2008 08:03 PM
May you live in interesting times is purported to be an ancient Chinese curse. May you govern in interesting times might be more apropos for today’s political hopefuls as voters in York Region join their fellow Canadians in choosing a new federal government Tuesday.
These are, indeed, interesting times. One might argue the party that forms the government next week will have its hands full.
While the environment, health care, Arctic sovereignty, crime or national unity might have been issues on our minds a year ago, the economy is clearly dominating our thoughts just days before the polls.
An election that started off being about leadership has suddenly boiled down to the question of leadership through some of the troubled economic times we fear may be ahead. Before we move too quickly, it is important to examine that fear and ask whether or not it is well founded.
The United States is facing a financial crisis brought on by deregulation in mortgage lending and economic woes in general. It has led to a credit crisis globally that central banks and governments are trying to fix.
But that does not mean the Canadian economy is about to collapse. Indeed, there are differing views from our own experts at banks and universities about whether or not our country will even fall into a recession.
Consider that government debt has declined. Yes, manufacturing jobs have been lost, but the unemployment rate is low. There is even a labour shortage in many places. Canadians do have more debt than they did, but providing the jobs picture remains good, it should be manageable. Inflation is under control. All of which suggests that if we cast our vote next week for one party or another in a state of panic, we are quite likely to make the wrong choice, in the same way anything we might do in a state of panic might produce a bad result.
Keep in mind there is only so much a government can do in the face of a global phenomenon that is not of its own making.
While the Conservatives may look like they are not offering us a magic bullet to protect us from the potential fallout, the pledges of the other parties to hold emergency meetings and/or spend billions don’t offer much more. It will be sad if we choose a government based on who came up with the best response on the fly to a crisis few saw coming. As we all gather for Thanksgiving and those lucky enough to be with family and friends get a chance to talk about what might lie ahead, let’s try to take a step back from the panic and choose a government that will represent our views, be responsive and govern well with strong, knowledgeable MPs, without looking for a saviour to deliver us from economic woes that may not even lie ahead, or be beyond their power to do much about.